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LERETA, LLC, a provider of real estate tax and flood services for mortgage servicers, has increased the frequency of its tax agency updates in preparation for the upcoming tax cycles. This daily information will help servicers provide their customers with crucial payment updates. LERETA is also providing daily updates on its outsourcing operations and any potential effects on its customers.
“We believe in standing together during this uncertain time,” said LERETA CEO John Walsh. “My commitment to our company is to safely and positively lead our teams. My commitment to our clients is to provide you as much information as possible to keep you informed of the impacts to our industry during this pandemic.
“We are surveying agencies every day to understand their ability to process incoming payments and support research requests while also determining any possible due date changes as a result of the current environment.”
The updates offer the following information:
- Has the agency extended the economic loss date due to COVID-19, and what is the new date?
- Is the agency waiving late fees?
- Is the agency office closed to the public?
- Has the agency restricted office hours, and if so, what are they?
- Is the agency closed until further notice?
- Has the agency made any changes to payment acceptance policies, and if so, what are they?
There thousands of agencies already affected by state mandates around the response to COVID-19. LERETA’s survey is updated daily and critically important for companies lending and servicing real estate loans, as changes to payments directly affect borrowers.
“The reduction of agency staffing and closures will likely delay the posting of tax payments and delay updated delinquency status,” Walsh continued. “To minimize concern and inquires, servicers should communicate the potential effects on their customer care units and borrowers immediately.”
As the industry continues to reset and assess how to do business in the current climate, LERETA will continue to provide timely information and hands-on customer service until this crisis has passed.
